
Europe’s leading companies Thursday reported stronger-than-expected earnings, underlining the strength of the corporate recovery across the continent.
Heavyweight names such as Siemens, Royal Dutch Shell, Volkswagen and BASF all saw their Q-2 profits beat analysts’ forecasts considerably.
Analysts are expecting European earnings to rise about 25-35% this year before tapering off and increasing 10-15% next year.
Industrial companies [...]

The uncertainty of energy supplies, in particular Crude Oil, might become a new risk for the World Economy, a leading economist said Thursday.
“We think there is enough strength to keep the recovery going. However, it’s still fragile. There are things that can go wrong,” said David Wyss, global chief economist of Standard & Poor’s, [...]

Chris Viehbacher, the chief executive of Sanofi-Aventis (SNY) is will move ahead with a formal offer for Genzyme (GENZ) that could value the US biotech company at close to US$19B, people familiar with the matter said Wednesday.
The board of Sanofi earlier this month authorised Mr Viehbacher to go public, if necessary, with his interest [...]

The Singapore Exchange (SGX) said on Wednesday that it will partner the London Metal Exchange (LME) to jointly launch metals futures in Asia.
The exchanges will jointly develop cash-settled mini-monthly metals futures contracts to be traded and cleared through SGX, a joint statement by the two exchanges said.
SGX will also be the first market in Asia [...]

Oil prices tumbled on Tuesday as sentiment was dampened by deteriorating consumer confidence in the United States, a key energy consuming nation.
New York’s main contract, light sweet crude for delivery in September, slipped $US1.48 to $US77.50.
London’s Brent North Sea crude for September lost $US1.37 to $US76.13.
Prices plunged after a closely-watched survey showed on Tuesday that [...]

Gold closes at a 3 month low
Gold futures on the COMEX Division of the New York Merc settled at a 3 month low Tuesday, as the recent calmness in the market sparked less demand for Gold as a safe-haven play, Silver and Platinum both retreated.The most active Gold contract for August delivery fell US$25.1, or 2.1%, to [...]

The Russian Economic Development Ministry would raise its forecast for industrial output growth and gross domestic product (GDP) this year, said Deputy Economic Development Minister Andrei Klepach on Tuesday.
“We will be reconsidering upwards the forecast for both industrial output and GDP,” Klepach said, adding that the industrial output forecast would change “significantly”, but the [...]

A Key survey showed on Tuesday that German consumer confidence boomed this Summer because of the great performance of German team in the World Cup, the hot summer weather and the upbeat of economic recovery.
The Nuremberg-based GfK group said its overall indicator for consumer climate rose to 3.9 pts from a revised 3.6 pts in [...]

The Pair is maintaining positive tone off 1.2731, 21 the July higher low, with yesterday’s break through the 1.2965 resistance, it is now tapping at Key near-term resistance at 1.3026.
A break here is needed to resume gains towards 1.3073 and 1.3125, 38.2% of 1.5144/1.1875 decline.
The near term immediate support is at 1.2888/59.
Resistance: 1.3026, 1.3073, 1.3095, 1.3125
Support: 1.2980, 1.2888, [...]

Spain’s big banks have cleared doubts concerning their ability to withstand a worsening financial crisis after getting good marks in the European Union (EU)-wide bank stress tests.
Among the 27 Spanish financial institutions (9 banks and 18 savings banks) participating in the tests, only 5 savings banks fail to reach an adequate solvency level in a [...]